Print

It is reported that a major Indian producer has slashed local homo-PP offers by another INR 3000/ton ($42/ton) with effective 17 October 2019, totaling the reduction in a week to INR6000/ton ($84/ton) on the back of weak demand and improved supply condition.

In fact, sources reported that most local PP producers in the country are restoring the normal operation rates while IOCL has successfully started up its 700,000 tons/year PP plant after several delays. The company is currently offering prime grade cargoes in the spot market. 

A woven bag manufacturer said, “The reduction is necessary as supply is normalizing at the time demand is weak due to the monsoon season. Though there might be some implication on the import market, we expect demand to pick up after the Diwali festival.” 

Sources informed that at the time of the report, the producer has withdrawn all price protection for PP in the local ground. 

Country
India